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tinylumpy · 2024年12月26日

Debt payment ratio

  1. CFA I
  2. FRA

NO.PZ2018062004000112

问题如下：

An analyst calculated a ratio using operating cash flow as the numerator and total debt as the denominator .What’s the ratio and what does it measure?

选项：

A.

The ratio is debt coverage ratio,measuring a company’s financial risk and financial leverage.

B.

The ratio is debt payment ratio,measuring a company’s ability to pay debts with operating cash flows.

C.

Debt the ratio is interest coverage raio, measuring a company's ability to pay  interest obligations

解释：

A is correct. Debt coverage ratio=CFO/Total debt.It measures financial risk and financial leverage.

看了2个这道题的问答，感觉回答里有矛盾的地方，不知该如何理解这个概念


一个回答说debt payment ratio衡量【本期归还】金额能力，比如一年，那么我理解就不是长期的:

“而B选项的debt payment ratio的重点是debt payment（也就是本期要归还的借款本金的金额而不是总借款），网上找到的最常用的debt payment ratio 是分母为CFO，分子为一年的debt payment的金额。”——王园圆_品职助教 · 2024/10/12 16:05:58


另一个回答则说debt payment ratio衡量的是【长期债务归还】的能力

“debt payment衡量的是企业得CFO cover偿还长期债务得能力。”——lynn_品职助教 · 2024/7/1 09:10:06

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1 个答案

王园圆_品职助教 · 2024年12月26日

同学你好，助教查了一下原版书，原版书是有这个debt payment ratio 和的debt coverage ratio的公式的

注意，debt payment的分母是公司支付的长期借款的repayment部分的现金流——所谓repayment现金流就是当期公司实际支付的借款归还的部分，也就是当期实际到期的本金的金额

所以助教的理解这个当期到期的本金肯定不是全部的debt，只是部分debt而已，也就是衡量的是当期还款而非长期还款能力——助教依然觉得自己之前的回答没有问题，同学可以自行判断哦

这个ratio甚至没有收录在讲义里的，所以老师上课也没有提及过，应该是一个不重要的概念，建议同学了解即可


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